Group 1: Financial Performance - The company achieved a revenue growth of 37% year-on-year for the first half of 2024, with expectations for continued growth in Q2 [1] - Q2 revenue is expected to show a significant increase compared to Q1, despite being a traditional sales off-season [1] - The gross profit margin is anticipated to improve in Q2 due to the rapid growth of high-margin products like "Egg Emperor" quail eggs and "Big Devil" vegetarian tripe [1] Group 2: Cost and Profit Analysis - The non-recurring net profit for Q2 2024 is expected to be lower due to significant stock payment expenses, which reached approximately 25.05 million, compared to 7.75 million in the same period last year [2] - Sales and management expenses have increased due to brand promotion efforts and the hiring of industry talent, which are within budget control [2] - The company has maintained a consistent annual profit margin improvement since its listing, attributed to upstream supply chain management and lean manufacturing practices [2] Group 3: Product Strategy and Market Positioning - The company has updated its mission to provide safe, delicious, and healthy snacks at the lowest possible prices [3] - A differentiated pricing strategy is employed, with "Egg Emperor" positioned at a higher price point compared to competitors, while "Salted Quail Egg" targets cost-conscious consumers [3] - The company has successfully built brand recognition for its key products, such as "Big Devil" vegetarian tripe and "Egg Emperor" quail eggs, achieving significant market influence [3] Group 4: E-commerce Development - The company is focusing on Douyin as a key platform for e-commerce growth, with strong sales performance in Q2 2023 [4] - The e-commerce team is confident in future growth, leveraging past advantages in short video marketing and expanding into live-streaming channels [4] - The product strategy includes a mix of high-value items and cost-effective products to enhance store traffic and sales [4] Group 5: Investor Relations and Future Outlook - The company has distributed a total of 1.241 billion in dividends since its listing, with plans for continued investor returns [5] - Future capital expenditures will maintain a similar pace, focusing on enhancing supply chain capabilities and investments in automation and digitalization [5]

证券分析师： 张向伟 zhangxiangwei@guosen.com.cn 执证编码：S0980523090001 证券分析师： 杨苑 021-60933124 yangyuan4@guosen.com.cn 执证编码：S0980523090003 上半年收入增速 27%-32%，业绩成长性仍强 优于大市 事项： 公司公告：2024 年上半年预计实现营业收入 24.0-25.0 亿元，同比增长 27%-32%，归母净利润 3.1-3.3 亿 元，同比增长 26%-34%，扣非归母净利润 2.6-2.8 亿元，同比增长 12.5%-21.1%。第二季度预计实现营业 收入 11.8-12.8 亿元，同比增长 18%-28%，归母净利润 1.5-1.7 亿元，同比增长 12%-27%，扣非归母净利 润 1.2-1.4 亿元，同比增速区间为-8%至+7%。 评论： 公司拟进行股份回购及中期分红，实控人之一自愿提前终止减持计划 公司研究·公司快评 食品饮料·休闲食品 投资评级：优于大市（维持） 盐津铺子（002847.SZ） 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年07月14日 20 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Insights - The company is expected to achieve revenue of 2.4 to 2.5 billion yuan in the first half of 2024, representing a year-on-year increase of 26.72% to 32% [12] - The forecasted net profit attributable to shareholders for the same period is estimated to be 310 to 330 million yuan, an increase of 26.18% to 34.32% year-on-year [12] - The company has announced a mid-year dividend plan, proposing a cash dividend of 6 yuan per 10 shares, indicating confidence in long-term development [12] Financial Performance Summary - The company reported a revenue of 4.115 billion yuan in 2023, with projections of 5.223 billion yuan, 6.528 billion yuan, and 7.911 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 42.22%, 26.91%, 24.99%, and 21.19% [15] - The net profit attributable to shareholders for 2023 was 506 million yuan, with forecasts of 635 million yuan, 831 million yuan, and 1.008 billion yuan for the following three years, showing growth rates of 67.76%, 25.59%, 30.82%, and 21.32% [15] - The earnings per share (EPS) are projected to be 1.84 yuan for 2023, increasing to 2.31 yuan, 3.03 yuan, and 3.67 yuan for the subsequent years [15] Market Position and Shareholder Actions - The company has a total market capitalization of 11.2 billion yuan and a circulating market capitalization of 10.1 billion yuan [5] - The largest shareholder is Hunan Yanjinpuzi Holdings Co., Ltd. [9] - The company plans to repurchase shares with a budget of 50 to 70 million yuan at a price not exceeding 68 yuan per share, reflecting a commitment to shareholder value [12]

Financial Data and Key Metrics Changes - The company expects a revenue growth of 17% to 27% year-on-year for Q2 2024, with net profit growth anticipated between 12% to 27% [2] - The non-deductible net profit growth is expected to be weaker compared to revenue growth, with a decline in net profit margin noted [3][4] - The second quarter's stock option incentive costs were approximately 25.1 million, compared to over 7 million in the same period last year, impacting net profit growth [5] Business Line Data and Key Metrics Changes - Sales expenses increased by over 10 million quarter-on-quarter, attributed to promotional activities and events [7][8] - The company has implemented a total cost leadership strategy, which is expected to offset any price declines in certain channels [10] Market Data and Key Metrics Changes - The company has adjusted the retail price of certain products, such as quail eggs, by approximately 12% to 15% to remain competitive [24][25] - The company is focusing on both mid-range and high-end market segments to capture different consumer demographics [24] Company Strategy and Development Direction - The company is committed to a total cost leadership strategy, aiming to provide consumers with safe, delicious, and healthy snacks at competitive prices [24] - The company is enhancing its brand building efforts while maintaining a focus on cost efficiency and market competitiveness [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain stable growth in the e-commerce sector, particularly on platforms like Douyin [76][77] - The company plans to continue investing in brand building and marketing to prepare for future growth [91] Other Important Information - The company announced a mid-term dividend plan and a share buyback plan to boost investor confidence [2] - The company has a robust cash flow and plans to maintain a high dividend payout ratio in the future [80][82] Q&A Session All Questions and Answers Question: Can you elaborate on the weaker growth in non-deductible net profit compared to revenue? - Management explained that the increase in stock option incentive costs significantly impacted the net profit growth, but adjusting for this would show a healthier growth rate [5][51] Question: What are the plans for brand building and marketing expenses in the second half of the year? - Management indicated that brand investment will continue, with potential increases in spending if performance exceeds expectations [91] Question: How does the company plan to maintain its competitive edge in the market? - Management emphasized the importance of organizational efficiency and continuous talent acquisition to enhance operational capabilities [86][89]

Investment Rating - The investment rating for the company is "Buy" [19][24]. Core Views - The company is expected to achieve revenue of 24-25 billion yuan in H1 2024, representing a year-on-year growth of 26.7%-32.0%. The net profit attributable to shareholders is projected to be between 3.1-3.3 billion yuan, with a growth of 26.2%-34.3% [1]. - The company is implementing multiple measures to enhance shareholder returns, including a share buyback plan of 50-70 million yuan, a cash dividend of 6 yuan per 10 shares, and the early termination of a share reduction plan [8][24]. - The company is focusing on expanding its sales channels, with significant growth in high-potential channels such as Douyin, where sales are expected to reach approximately 1.9 billion yuan in Q2 2024, a year-on-year increase of nearly 250% [14]. Financial Performance Summary - For 2024, the company forecasts total revenue of 51.8 billion yuan, 64.2 billion yuan, and 77.5 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26%, 24%, and 21% [24]. - The net profit attributable to shareholders is expected to be 6.7 billion yuan, 8.8 billion yuan, and 10.8 billion yuan for the same years, with growth rates of 32% for both 2024 and 2025, and 22% for 2026 [24]. - The earnings per share (EPS) are projected to be 2.44 yuan, 3.22 yuan, and 3.92 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 16x, 12x, and 10x [24]. Market Data Summary - The closing price of the company's stock is 39.60 yuan, with a market capitalization of approximately 10.87 billion yuan [3]. - The company has a price-to-book (P/B) ratio of 4.74 and a total circulating A-share market value of approximately 9.73 billion yuan [3][16].

证券代码：002847 证券简称：盐津铺子 公告编号：2024-051 盐津铺子食品股份有限公司 2024年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 （一）会议召开日期和时间： 现场会议时间为：2024 年 7 月 12 日下午 14:30 网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2024 年 7 月 12 日上午 9:15—9:25，9:30—11:30，下午 13:00－15:00；通过深圳 证券交易所互联网投票系统投票的具体时间为：2024 年 7 月 12 日（现场股东大 会召开当日）上午 9:15 至当日下午 15:00。 （二）现场会议召开地点：湖南省长沙市雨花区长沙大道运达中央广场写字 楼 A 座 32 楼，盐津铺子食品股份有限公司总部行政会议室。 （三）会议召集人：盐津铺子食品股份有限公司董事会。 （四）会议召开方式：本次股东大会采取现场投票与网络投票相结合的 ...

湖南启元律师事务所 关于盐津铺子食品股份有限公司 2024年第二次临时股东大会的 法律意见书 二零二四年七月 致：盐津铺子食品股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 大会规则》等我国现行法律、法规、规范性文件以及《盐津铺子食品股份有限公 司章程》（以下简称"《公司章程》"）的规定，湖南启元律师事务所（以下简称 "本所"）接受盐津铺子食品股份有限公司（以下简称"公司"）的委托，指派本所 律师出席了公司 2024 年第二次临时股东大会（以下简称"本次股东大会"），对 本次股东大会的召集和召开程序、召集人及出席会议人员的资格、表决程序和表 决结果的合法有效性进行现场律师见证，并出具本法律意见书。 为出具本法律意见书，本所律师依法查验了公司提供的下列资料： （一）刊登在中国证券监督管理委员会（以下简称"中国证监会"）指定媒体 巨潮资讯网站（http://www.cninfo.com.cn/）的关于召开 2024 年第二次临时股东 大会的通知公告； （二）出席现场会议的股东或其代理人的资格、身份证明文件等； （三）深圳证券信息有限公司在本次股东大会网络投票结束后提供给公司的 网 ...

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry, focusing instead on regulatory compliance and the nature of the information shared during the call. Core Points and Arguments - The statements made by third-party experts represent their personal opinions and do not constitute investment advice [1] - There is a strict adherence to regulatory requirements regarding the communication of sensitive insider information [1] - The company reserves all legal rights against any unauthorized dissemination of information, including forwarding, reproducing, or modifying the content without permission [1] Other Important but Possibly Overlooked Content - The emphasis on compliance with regulations highlights the importance of maintaining confidentiality and the legal implications of sharing sensitive information [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [4]. Core Views - The company is expected to achieve a revenue of 24.00-25.00 billion yuan in H1 2024, representing a year-on-year growth of 27%-32%. The net profit attributable to shareholders is projected to be 3.10-3.30 billion yuan, with a growth of 26%-34% [4]. - The company is focusing on product innovation and optimizing its product matrix, which includes the introduction of new products like "Egg Emperor" quail eggs and "Big Devil" sesame-flavored products. This strategy aims to enhance brand strength and expand market share [5]. - The company plans to distribute a cash dividend of 6 yuan for every 10 shares and intends to repurchase shares at a price not exceeding 68 yuan per share, reflecting confidence in its growth prospects [5]. Financial Summary - The company forecasts its revenue for Q2 2024 to be between 11.77-12.77 billion yuan, with a year-on-year increase of 18%-28%. The net profit for the same period is expected to be 1.50-1.70 billion yuan, showing a growth of 12%-27% [4]. - The earnings per share (EPS) for 2024-2026 are projected to be 2.62, 3.58, and 4.73 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 16, 12, and 9 times [5]. - The company’s total market value is reported at 112 billion yuan, with a circulating share capital of 246 million shares [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [10][13]. Core Insights - The company is projected to achieve revenue of 2.4 to 2.5 billion yuan in the first half of 2024, representing a year-on-year growth of 26.72% to 32%. The net profit attributable to shareholders is expected to be between 310 to 330 million yuan, with a growth rate of 26.18% to 34.32% [19]. - The company is focusing on seven core product categories, including spicy snacks and deep-sea snacks, to drive revenue growth. It is enhancing its supply chain and product offerings to meet diverse consumer needs [19]. - The report highlights a positive outlook for future growth, driven by continuous channel expansion and new product launches, with expectations for revenue to reach 5.32 billion yuan in 2024 and net profit to reach 666 million yuan [19]. Financial Summary - Revenue and Profit Forecasts: - Revenue (in million yuan): 4,115 in 2023, projected to grow to 5,323 in 2024, 6,610 in 2025, and 8,073 in 2026, with year-on-year growth rates of 42%, 29%, 24%, and 22% respectively [8]. - Net Profit (in million yuan): 506 in 2023, projected to grow to 666 in 2024, 851 in 2025, and 1,070 in 2026, with year-on-year growth rates of 68%, 32%, 28%, and 26% respectively [8]. - Earnings Per Share (EPS) is expected to increase from 2.58 in 2024 to 5.46 in 2026 [8]. - The company anticipates a decrease in production costs due to lower prices for certain raw materials, although increased share-based payment expenses may pressure profits in the short term [19].